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Gucci sales rebound to boost Kering profits

Gucci sales rebound to boost Kering profits
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By Euronews with Reuters
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Gucci's parent company Kering has reported revenue last year up by 15.4 percent. The French group, who's brands include Yves Saint Laurent, Bottega Veneta and Puma, saw strong sales growth in Western

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The luxury goods market continues to hold up with Gucci’s parent company Kering reporting revenue last year increased by 15.4 percent.

Gucci, which accounts for nearly two-thirds of Kering’s profit, saw comparable sales rise by 4.8 percent in the final three months of 2015.

Kering – who’s brands include sports clothing line Puma, as well as Yves Saint Laurent and Bottega Veneta – said sales in Western Europe and Japan showed strong growth.

#Kering 2015 Results: A very strong fourth quarter - Solid full-year performances https://t.co/CR5P8GxARZ#Finance

— Kering (@KeringGroup) February 19, 2016

The French group credited Creative Director Alessandro Michele’snew collections, which were rolled out in stores in the autumn, for turning around Gucci.

“Kering [has beaten] top-line growth estimates and [this] shows that Gucci’s management is both expedient and on the right track,” Exane BNP Paribas analyst Luca Solca said.

“Gucci has come in with a significant number of new styles that are starting to turn heads – at the same time, it is benefiting from promotions on its former collections, in a repeat of the second-quarter pattern.”

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